Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-An inside day formed Tuesday after the GBPUSD formed an outside day reversal near multi-month range highs on Monday. The combination is enough to take a bearish stance against Monday’s high for a return to the bottom of the multi-month range.
-Beware that a push above Monday’s high would immediately encounter the Sep high of 1.6259. The 2013 high (in Jan) is at 1.6380. A push above that level is getting into potentially significant breakout territory.
Trading Strategy: A short was triggered at 1.6175. The stop is 1.6250. The target is 1.5907.
LEVELS: 1.6071 1.6117 1.6144 | 1.6215 1.6259 1.6353
— Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com